By Wendy Van Sickle
Columbus, Ohio, April 25 – Morgan Stanley Finance LLC priced $8.42 million of fixed-to-floating rate securities due April 28, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest is payable quarterly and will be fixed at 7% per year for the first two years. After that, interest will accrue at seven times the 30-year ICE swap rate minus the two-year ICE swap rate, up to a maximum rate of 7% per year and with a floor of zero.
The notes are callable at par on any quarterly redemption date after one year.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
|
| Guarantor: | Morgan Stanley
|
| Issue: | Fixed-to-floating securities
|
| Amount: | $8,418,000
|
| Maturity: | April 28, 2032
|
| Coupon: | 7% for first two years, then seven times 30-year ICE swap rate minus two-year ICE swap rate, capped at 7% a year with a floor of 0%; payable quarterly
|
| Call option: | At par on any quarterly redemption date after one year
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | April 21
|
| Settlement date: | April 28
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fee: | 3.5%
|
| Cusip: | 61766YBG5
|
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